Conventional semiconductor modules which include passive components such as inductors, capacitors, and/or resistors are typically manufactured using a laminated substrate or a lead frame that is covered with an encapsulation compound. In the case of a conventional laminated substrate, discrete passive components and active semiconductor dies (chips) are placed on the laminated substrate, interconnected via bond wires to form an integrated circuit, or a simple SMT pick-and-place process is used to place the necessary components, and then the dies are covered with an encapsulation compound. In the case of a conventional lead frame, the passive components are provided as one or more dies which are placed on the lead frame with active semiconductor dies. Each passive die includes passive components integrated into a chip, typically called an integrated passive die (IPD). The passive and active dies are interconnected via bond wires and then covered with an encapsulation compound. Laminated substrates are more expensive than lead frames, increasing the cost of semiconductor modules which use laminated substrate instead of lead frames. A semiconductor module which uses passive dies on a lead frame has less flexibility with regard to changing customer specifications than modules which use laminated substrate, especially in the development phase, resulting in long response time and higher cost. IPDs typically have higher cost and cycle time (i.e. wafer fabrication) as compared to laminated substrate solutions, and also slow response to customer design change.